Construction starts on Cameroon’s first destination retail mall

Leading growth markets investor, Actis has started construction on Cameroon’s first destination retail & leisure mall, “Douala Grand Mall & Business Park.” This comes after Actis and Genesis Group signed an agreement to bring the first premier cinema to Doula in September last year.

Douala Grand Mall will comprise 18,000 square metres of retail and leisure space, close to Bonapriso in Cameroon’s largest city. Developed by Actis and local partner, Craft Development, the mall will include multiple restaurants, a children’s play zone, a five screen cinema, a supermarket and retail shops. The Mall is Phase 1 of the development which also includes a business park hosting a hotel and corporate offices spaces.

“Actis is thrilled to reach this key milestone in delivering Cameroon’s first destination retail mall; anchored by two flagship brands seeking to benefit from the growing consumer power. The Mall will make a significant contribution to job creation and other economic indicators in the Cameroonian economy,” said Amanda Jean-Baptiste, Partner, Head of West Africa, Real Estate at Actis.

To continue its strategic roll-out in modern trade, CFAO the international group specialised in distribution in Africa, has signed an agreement to set up and operate a Carrefour Market in the shopping mall and the leading Hospitality & Entertainment conglomerate Genesis Group is the cinema anchor.

The South African contractor, Raubex has also been appointed as the general contractor and is now mobilised on site. A formal ground-breaking will take place mid-2018. The project is expected to create over 4,500 jobs using local material and labour and has been granted tax incentives following a convention signed with the Government of the Republic of Cameroon.

Actis has a strong presence across Francophone Africa including energy, education and healthcare businesses.

Here’s what you need to know about Actis

Actis is a leading investor in growth markets, delivering consistent competitive returns, responsibly.

It has a growing portfolio of investments across Asia, Africa and Latin America and has raised over US$13bn since inception.

The firm invests through insights gained from trusted relationships and local knowledge, deep sector expertise and an unparalleled heritage, set within a culture of active ownership.

In 2014, Actis sold part of its share in Ugandan power utility, Umeme, to institutional and retail investors, reducing its stake from 60.08 percent to 14.3 percent.

In 2015, it sold its 30 percent stake in Globeleq Africa, the energy company that owns the 75 megawatts, Kenyan-based thermal power generator, Tsavo Power, to CDC and Norwegian development financier, Norfund. This deal was worth $227 million.

In November 2015, Actis bought a majority stake in Nigerian fund manager, Sigma Pensions, for $62 million. It also invested $65 million in South Africa’s leading independent sports and lifestyle shoe retailer, Tekkie Town.

It has invested heavily in several business sectors in Nigeria, which earned it an award in 2014 as the ‘Firm of the Year in Africa’ by Private Equity International as well as an ‘African Infrastructure Fund Manager of the Year, 2014’ by Infrastructure Investor.

Actis’ energy business invests in buy-and-build power generation and distribution businesses in Latin America, Africa and South Asia. The funds have invested over $2.1 billion in more than 31 companies across 25+ countries generating 15GW of energy capacity and directly impacted 68 million consumers.

Over 40 percent of Actis’ investments are located across Africa. With $3 billion invested in the continent, Africa is at the heart of the firm’s strategy.

Actis has extensive domain knowledge in education and has invested and committed over $US 500m in recent years in the sector in China, Brazil and across Africa.

Actis believes access to quality education is integral to developing the next generation of leaders capable of positively impacting tomorrow’s societies and economies.

Actis is a signatory to the United Nations backed Principles for Responsible Investment (UNPRI), an investor initiative developed by the UNEP FI and the UN Global Compact.

What you need to know about Genesis Group and Craft Development

Genesis Group is a leading Hospitality and Entertainment conglomerate with interests in industrial catering, cinemas, quick service restaurants, food production, real estate, oil and gas support services in Nigeria.

Founded in 1991, Genesis is a household name in Nigeria and one of the leading service providers to the Oil and Gas Industry.

Craft Development is a fast-growing property development company based in Cameroon.

Craft Development was born out of over the 25-year experience of a construction engineer in real estate development and investment in Europe and Africa, the company offers local expertise wrapped in world-class international standards.